AUSTIN, MINN. — A year ago, Hormel Foods Corp. found itself struggling to unlock the value of the Planters brand it had acquired in the summer of 2021. But now the company is experiencing good momentum in the product line, which Jacinth C. Smiley said now is “yielding great value for us.”
“…we are definitely excited about what we’re doing, and we’re investing in Planters,” Smiley, executive vice president and chief financial officer, said during the Bank of America Consumer and Retail Conference on March 13. “We have put in additional lines to really get these flavors into our plants and then continuing with the always-on advertising that we do.”
The flavor-forward innovation efforts at Hormel include new Planters Nut Duos, which feature two complementary flavors on two types of nuts. Planters Nut Duos are available in three varieties: Buffalo cashews and ranch almonds; cocoa cashews and espresso hazelnuts; and Parmesan cheese cashews and peppercorn pistachios.
“The thing is you taste it and you keep going back and going back,” Smiley said in comments about the new Nut Duos. “So I am not surprised that we are actually finding that this is being very sticky with the consumer base. And we’re seeing a lot of new consumers, especially younger consumers, coming into the Planters brand because we are driving innovation that’s really resonating with these new consumers and younger consumers.”
Meanwhile, Mark J. Ourada, group vice president of foodservice at Hormel, spoke about why the company moved Planters toward foodservice.
“…when we acquired Planters, we made the decision to put it into foodservice,” Ourada said. “As I mentioned, the convenience sector had started to go more toward foodservice offerings and everything, so it made sense. We already had a team calling on the convenience stores. So that in and of itself, I think, gave Planters a lift. We were putting more focus and attention on it along with the other retail brands we’ve got and our foodservice products.”